The Town is requesting to transfer $140,162 to the Stabilization Account.  The Stabilization Account is the Town’s savings account.  The Town saves money there to be used in emergency.  Some like to refer to the account as the rainy day fund.  The Town has financial policies in place that advise the town to maintain 5% of General Fund revenues in the Stabilization Account.  After this year’s transfer, the Town will have over  $5,000,000 in the fund. To appropriate from the Town’s Stabilization account requires a 2/3rd vote of Town Meeting.

 

To learn more about Stabilization Funds visit: https://www.mass.gov/files/documents/2017/09/11/igr17-20.pdf

Town Meeting Documents

Town Meeting Warrant

https://sites.google.com/northandoverma.gov/annual-town-meeting-2021/home